Matrixport has grown its market capitalization to over $1 billion in less than two years.
Jihan Wu established himself as a household name in the cryptocurrency industry after co-founding Bitmain Technologies in 2013 and taking the company public in 2018. His most recent venture, Matrixport, raised additional capital to reach a unicorn valuation of $1 billion.
Matrixport’s Series C funding raised more than $100 million with the participation of large venture capital firms such as Tiger Global, DST Global, C Ventures, and K3 Ventures. Matrixport’s mission as a crypto-financial services company is to bring a Wall Street-like structure to the vast cryptocurrency ecosystem.
According to Ge Yuesheng, Matrixport’s CEO and a former Bitmain investor, the company is currently home to high-net-worth individuals “who have a wide range of expectations of risk and return.” As of March 2021, the firm reported holding over $10 billion in client assets, and it plans to go public “in three to five years” as an exit strategy for investors.
Wu founded Matrixport in response to government opposition to Bitmain’s initial public offering launch in 2019. The startup’s revenue peaked at $7 million–$8 million last year, and it had reportedly pitched investors to double their money by 2020 during its last investment cycle.
Wu’s position on removing “bad actors out of the industry” and repairing the industry’s reputation, citing the industry’s strict controls against crypto innovation. Prior to Wu’s departure from Bitmain, the company was valued at $12 billion in August 2019. Matrixport currently supports the most widely used cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), and Tether (USDT).
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